Nakilat General Assembly Meeting

Doha, April 17 (QNA) - Chairman of f Qatar Gas Transport Company Ltd. (Nakilat), Hamad Rashid Al Mohannadi said on Sunday that Nakilat made significant progress in 2010 in its LNG shipping portfolio with the delivery of its final four vessels into the LNG fleet. The combined fleet of 54 state-of-the-art marine carriers represents a total investment of approximately US$11 billion (QR 40 billion) and the distinction of being the world s undisputed leader in LNG shipping capacity, he said.
Addressing the annual general assembly of Nakilat, he said with the company's LNG fleet now fully operational, the company fields a fleet unmatched in design configuration, engineering and new technology that together provide maximum delivery volumes, enhanced maneuverability, safety and cost effectiveness. While the vessels were originally designed to the highest industry standards, Nakilat continues to explore opportunities to further enhance vessel reliability by closely monitoring new developments in marine technology, he added.
As Nakilat s core business continues to evolve, our nearterm focus is to consolidate efficiencies in our shipping operations; to identify any and all opportunities for operational synergies and cost effectiveness. While the Company continues to look at the specific details that will enable us to reduce operating expenses, Nakilat also continues its strategic initiatives as evidenced by its plans to further consolidate its shipping business model; with the objective of better serving Qatar s marine transport sector--the cornerstone of the country s hydrocarbon export industry, Al Mohannadi said.
He added " Nakilat s Fleet, also includes four Very Large Gas Carriers in a joint venture agreement with Qatar Shipping Company (Q-Ship). These ships are utilized for the transport of LPG cargoes and, together with our LNG Fleet, will provide Nakilat, our partners and our customers with many years of outstanding performance".
In addition to core marine transportation business, the company further diversified its business portfolio via the commissioning in late 2010, of a major portion of its new world-class, Erhama Bin Jaber Al Jalahma Shipyard in the Port of Ras Laffan. His Highness Sheikh Hamad Bin Khalifa Al Thani, The Emir of the State of Qatar, inaugurated the shipyard s first three phases on November 23rd. To operate the new shipyard, Nakilat signed an agreement in early 2010, with Damen Shipyard Qatar Holding B.V., a wholly-owned subsidiary of Damen Shipyards Group, to form the Nakilat Damen Shipyards Qatar (NDSQ) joint Venture. The new company s primary objective is to construct high value ships of up to 120 meters in length, Al Mohannadi said.
Al Mohannadi noted that Nakilat's s financial performance during 2010 contributed to a strong balance sheet and attractive returns for shareholders. Net profit for 2010 was 665 million Qatari Riyals compared with 589 million Qatari Riyals, for 2009, an increase of 13%. For its 2010 performance, Nakilat s Board of Directors is pleased to recommend to the General Assembly a cash dividend of 75 dirhams per share compared with 9 dirhams estimated in its IPO, or a success multiple of over 8 times the IPO estimate,he said. (QNA)